|We’re all in Brexit preparation mode at present and HMRC has issued updated guidance for a no-deal Brexit as well as sending letters to those businesses who trade only with EC suppliers and customers. As always, keep an eye out for information that is relevant to you or your clients.|
Other recent developments
VAT Info Sheet 09/18 explains changes to the VAT rules for face value vouchers on 1 January.
Info Sheet 07/18 clarifies the VAT rules for residential domestic services supplied to freeholders.
New guidance from HMRC about changes to the VAT liability of digital services to private consumers in other EC countries from 1 January.
VAT and property flipping
If you’re buying, renovating and selling dwellings as a business activity, you usually can’t claim VAT on costs because your sales are VAT exempt (“exempt input tax”). But if you also make taxable supplies – such as zero-rated sales or leases of certain non-residential conversions – you may be able to claim up to £7.500 exempt input tax each VAT year. See my latest blog: “VAT and flipping properties” And watch out for news about our upcoming webinars about VAT and residential property development.
With MTD beginning soon as well as Brexit, we’re all going to be busy over the next few months! Contact me firstname.lastname@example.org or 07795 708224 if you need help about any VAT issues.